Westphalia Dev. Corp. Reports Fiscal Year and Fourth Quarter 2023 Fiscal Results

Westphalia Dev. Corp. has announced its results for the fiscal year and fourth quarter ending December 31, 2023. The Corporation was formed in March 2012, for the development of a 310-acre Westphalia property located in Prince George’s County, Maryland, United States. The Corporation is managed by Walton Global (the “Manager”).

Development and Sales Activities

• The Westphalia Interchange TIF project located at the intersection of Pennsylvania Avenue (Route 4) and Woodyard Route (Route 223) is substantially complete.
• The Presidential Parkway East TIF project is substantially complete. We are in discussions with the local County for final acceptance.
• The Presidential Parkway West TIF project has work remaining, which will likely be completed in Q2, 2024.
• The Manager is engaged with a number of builders interested in developing and building out the retail and/or residential lettered pods shown above. Offers to purchase are expected on these parcels imminently.
• The Manager received infrastructure approval from Prince George’s County for our retail commercial, mixed use commercial and residential pods shown as Parcel “A” & “B”.

Financial Results

• Management has determined the substantial completion date of Phase 1 to be June 30, 2023, at which point carrying costs, including interest, financing costs and property taxes, will no longer be capitalized and are now expensed. Otherwise, other operating expenses for this quarter remained consistent with Q3 2023.

The Corporation’s audited consolidated financial statements and management’s discussion and analysis for the year ended December 31, 2023, are available under the Corporation’s SEDAR profile at www.sedar.com.

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